Q: What is the ruling on
interest that is taken by banks?
This has been a controversial issue here in Africa.
A:
The interest that is taken by banks from borrowers, and that is paid to depositors, is prohibited Riba (usury/interest) which has been authentically prohibited in the Qur'an, the Sunnah (whatever is reported from the Prophet) and by Ijma` (consensus of scholars).
May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
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